UWM Holdings downgraded to Underperform from Market Perform at Keefe Bruyette

Keefe Bruyette analyst Bose George downgraded UWM Holdings to Underperform from Market Perform with an unchanged price target of $6. Despite the recent decline in interest rates, the recently published KBW economic baseline assumes mortgage volumes remain weak through 2025 as long rates decline only modestly, the analyst tells investors in a research note. The firm cites mainly valuation for the downgrade. Keefe believes the multiple may contract for UWM given its expectation that mortgage rates likely remain around current levels.